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Beach4me

Post Modification - Reporting Question

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Hello,

 

We modified our 1st mortgage last year with Chase. Our credit report states our credit limit as the original loan amount ($157,000) and our credit balance is ($187,999). So our credit to debt ratio stinks.

 

Is there anything I can do to change this? It could years before our credit balance equals our loan amount. How is this effecting our credit?

 

Thanks!

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I think only revolving accounts are factored into debt to limit for scoring purposes. Are you concerned in a theoretical sense, or has this had some direct effect on you. If you just want the theories about it. I can move this to the main credit forum, where they like to work on how different accounts affect scoring, etc.

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My two cents is, there is nothing you can do about it. Credit to debt ratios notwithstanding, your new balance is an accurrate reflection of capitalized interest and if you dispute it, they will simply confirm what they are reporting. A waste of time in my opinion.

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